Accion is a nonprofit company that offers microloans to start-ups and small enterprises who might not have access to conventional banking services. These loans can be used for a number of things, like as beginning a business, growing an existing one, or buying goods and equipment. Accion loans typically feature interest rates ranging from 7% to 34% with a repayment duration of 6 to 36 months.
So how does Accion generate revenue? Accion is a non-profit company that gets its funding from a combination of charitable contributions, government subsidies, and interest from loans. Additionally, a small fee is charged by the organization for its services, which aids in defraying administrative expenses.
Since its establishment in 1961, Accion has extended credit to more than 90,000 clients globally, totaling more than $1 billion in loans. Accion has given loans to over 60,000 business owners in the US alone, supporting the creation or maintenance of over 100,000 jobs.
One of the organization’s regional offices, Accion Chicago serves the greater Chicago area. The office offers networking opportunities, business counseling, and loans ranging from $500 to $100,000. Since its founding in 1994, Accion Chicago has contributed to the financing of more than 1,400 small enterprises in the region.
Contrarily, Accion International, a global organization, is in charge of all of the regional Accion offices. Its goal is to encourage financial inclusion and aid small company development in disadvantaged areas of the world. Accion International seeks to provide cutting-edge financial products and services, as well as to influence legislation that affects small businesses and entrepreneurs. In conclusion, Accion offers microfinance loans with interest rates ranging from 7% to 34% and repayment lengths of 6 to 36 months. Through a combination of gifts, grants, loan interest, and service charges, the organization generates revenue. With a total loan portfolio of over $1 billion, Accion has provided credit to more than 90,000 customers globally. One of the regional offices is Accion Chicago, while Accion International manages all of the regional offices and strives to advance financial inclusion and assist small businesses globally.